While still not quite familiar to Dubai investors’ ears SPIPD developing company already set its imperial ambitions to handover its flagship Imperial Avenue project by December 2019 after having announced its 40% completion.
Shapoorji Pallonji International Property Developers (SPIPD) has announced that 28 floors out of 46 storeys planned at its new residential Imperial Avenue tower located in Downtown Dubai have been completed in less than two years of construction. In a statement, the developer stated that construction terms go in line with the company’s commitment to the UAE real estate market development phases and needs.
“We are very pleased with the progress of Imperial Avenue and delighted to announce that we are currently on schedule for a timely completion in twelve months,” said Cyrus Engineer, managing director at SP International Property Developers.
He added that a flexible payment plan allows investors to pay a down payment of just 10%, with the option of dividing another 20% of the property value to be paid during construction, and the remaining 70% of the property value left to be paid post-handover. This financial decision has brought a lot of investors’ attention to SDIPD and resulted in fast off-plan property sales in this USD408.3 million luxury project.
“The property market in the UAE is seeing early signs of resurgence leading to renewed optimism and we at SPIPD have been closely monitoring this trend,” added Engineer.
“We have developed this payment method to help investors by offering them flexibility, reducing the burden borne at an earlier stage, and we are confident that this is an opportune time to invest in a project like ‘Imperial Avenue’ that offers new levels of refinement for consumers in the country.”
Imperial Avenue is a collection of luxury homes located right behind the Vida Hotel in Downtown Dubai. The G+M+4 Podium+40 residential floor building consists of 424 apartments and five levels of parking. With the emphasis on larger living spaces, the project offers one-, two-, three-, four- and five-bedroom apartments, penthouses and podium level villas ranging in space from 825 sqft for a smallest studio and up to 5935 sqft for a biggest villa.
There also will be 21,000 sqft. of retail space available and a 10,000 sqft. lobby. The tower will have 13 high speed elevators and additional amenities, including a landscaped walking area on the podium level, two infinity pools, outdoor and indoor kids play areas, theatre and party hall, as well as a squash court.
The service charges are expected to be between AED 19 - 19.5 psf, while the prices for properties in Imperial Avenue start from AED 1,470,000.
“In Downtown Dubai, where the project is situated, residences usually rank high in terms of demand in the prime space, with great views of some of the major attractions of the area and well-finished products. Compared to the average square-metre price of Downtown, these projects have an average uplift of around 21 per cent,” says Taimur Khan, senior analyst at Knight Frank in Dubai.
Thus, Imperial Avenue also has excellent long-term capitalization possibilities. Contact IMEX Real Estate and we will find even better conditions for you to buy real estate under construction with one of the highest levels of investment return in the region:
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